SAN FRANCISCO–New research has been released that offers “10 time-tested personal financial principles that can transform digital banking.”
“Digital banking can be constructed to influence what consumers spend, save, borrow, invest, insure, yearn to achieve, and even what they earn,” said Javelin Strategy & Research. “The challenge is to integrate personal finance principles into the online and mobile banking experience.
Javelin says its new report, “Turning Digital Banking into a Financial Journey Starts with the First Paycheck,” demonstrates how “10 time-tested personal finance principles can transform digital banking from a simple facilitator of transactions into the centerpiece of a consumer’s financial journey.”
According to Javelin, the report provides a blueprint for how financial institutions can apply existing digital banking capabilities such as aggregation, categorization, data mining, predictive analytics, direct deposit, bill payment, financial alerts, credit-scoring and gamification to stimulate engagement. The report can also serve as a catalyst for adopting smarter financial habits while opening the door for financial institutions to deliver tools and advice that enable customers to develop healthy, lifelong financial habits with every login, Javelin said.
Javelin said the research also provides a roadmap where digital banking is the centerpiece of a consumer’s financial journey, starting with the first paycheck —and positions banks and credit unions as the trusted guide
The findings are based on online surveys of over 8,500 U.S. adult consumers to assess their digital channel behaviors of customers at financial institutions of differing sizes from giant national, regional, and community banks, as well as credit unions.